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Liz Weston

Q&A: Unexpected credit upswing

November 29, 2021 By Liz Weston

Dear Liz: I know there are different factors involved, but I find a recent upsurge in my FICO score inexplicable. My score went from about 740 to 815, according to a note in my most recent credit card statement. Yet I’ve done virtually nothing in the way of major credit activity — no purchases, no change in my already-low credit card use. I transferred about $800 from one card to another, and that’s it. If such small matters can affect the FICO score, it makes that score seem ridiculous. Can you offer any possible explanations?

Answer: Credit scoring formulas are a bit of a black box, but they are sensitive to how much of your available credit you’re using.

If you transferred the balance from a card with a very low credit limit to one with a higher limit, your scores typically would improve — although perhaps not as dramatically as the increase you’re describing.

Your scores might also improve if your balances dropped on other accounts or something that was negatively impacting your credit “fell off” or stopped being reported. The simple passage of time can improve your scores, as well, increasing the age of your credit accounts and the time since your last application for credit.

It’s impossible to say exactly what combination of factors may have affected the score you saw, but at least it moved in the right direction.

Filed Under: Credit Scoring, Q&A Tagged With: Credit Score, q&a

Q&A: Lenders were supposed to tell you about pandemic debt relief. What if yours didn’t?

November 29, 2021 By Liz Weston

Dear Liz: I had a problem last year and had no income so I couldn’t pay my bills for three months. I explained the situation to my creditors, but they still put the late payments on my credit reports. I called and sent letters, but it was no good: My credit score dropped to the mid-500s. How can I get the late payments taken off?

Answer: Last year, many lenders offered various kinds of hardship programs because of the pandemic. If you were approved for forbearance, the payments you missed should not have been reported as late. You could dispute the errors at the three credit bureaus (start at www.annualcreditreport.com) and ask the lenders to correct the record.

Unfortunately, lenders don’t always tell customers that forbearance or other hardship programs are available. If you weren’t given the option to enroll when you called to explain your problem, contact your lenders again, in writing, to point that out and request that the late payments be removed from your credit reports.

If a lender refuses to cooperate, consider making a complaint to the Consumer Financial Protection Bureau.

Filed Under: Credit & Debt, Q&A Tagged With: Credit, debt relief, pandemic, q&a

Wednesday’s need-to-know money news

November 24, 2021 By Liz Weston

Today’s top story: How to be a 5-Star traveler this holiday season. Also in the news: How to plan holiday travel if your kids aren’t fully vaccinated yet, President Bideb acts to ease gas prices, and how to avoid the line at the airport bag check counter.

How to Be a 5-Star Traveler This Holiday Season
Our travel expert shares tips to be a courteous and less-stressed traveler during the busy travel season.

How To Plan Holiday Travel if Your Kids Aren’t Yet Fully Vaccinated
Traveling with unvaccinated children is a matter of your own comfort level, but there are precautions you can take.

Biden Acts to Ease Gas Prices, But You Can Save Money Now
President Joe Biden is working to bring down gas prices, but drivers can take steps to reduce their fuel bill now.

How to Avoid the Line at the Airport Bag Check Counter
Hold airline elite status, purchase an upgrade or pack light to cut down on waits at bag check.

Filed Under: Liz's Blog Tagged With: gas prices, holiday travel, luggage counter, President Biden, strategic reserve, travel tips, unvaccinated kids and travel

3 times you need money advice from a human

November 24, 2021 By Liz Weston

You can now manage most aspects of your money without ever consulting another human being. You can budget, borrow, save, invest, buy insurance, prepare your tax return and create a will — among many other tasks — by using apps, websites and software.

But technology still has limitations, especially when you’re facing a money situation that’s complex or involves judgment calls. In my latest for the Associated Press, when to consider consulting a human expert.

Filed Under: Liz's Blog Tagged With: financial advisers, money advice, robo-advisors

Tuesday’s need-to-know money news

November 23, 2021 By Liz Weston

Today’s top story: 4 common winter home insurance claims and how to prevent them. Also in the news: How long it will take to pay off your MBA debt, huge Disney park changes for 2022 and tips on how to fund your trip, and why the catch with Buy Now Pay Later could be your credit.

4 Common Winter Home Insurance Claims and How to Prevent Them
Winter-induced home damage can sometimes be prevented, but sufficient insurance coverage may cover even the most bitter disaster.

How Long Will It Take to Pay Off Your MBA Debt?
Your student loan repayment strategy will determine how long it takes to pay off your MBA debt.

Huge Disney Park Changes for 2022, and How to Fund Your Trip
Disney announced a slew of new rides and shows during its Destination D23 event in November at Walt Disney World.

The Catch With Buy Now, Pay Later Could Be Your Credit
Buy now, pay later plans promise no interest or hidden fees, but they don’t typically help you build credit.

Filed Under: Liz's Blog Tagged With: buy now pay later, Credit Score, Disney parks, MBA debt, winter home insurance claims

Monday’s need-to-know money news

November 22, 2021 By Liz Weston

Today’s top story: Cash advance apps can hurt more than help at the holidays. Also in the news: Lawsuit against Marriott makes hotel pricing math easier, Black Friday 2021 store hours and online hacks, and what to do when inflation cuts into your black Friday deals.

Cash Advance Apps Can Hurt More Than Help at the Holidays
Cash advance apps offer a boost at the holidays, but consumer advocates say they could lead to a cycle of debt.

Lawsuit Against Marriott Makes Hotel Pricing Math Easier
Marriott commits to a policy that would be transparent in the disclosure of mandatory fees like resort fees.

Black Friday 2021 Store Hours and Online Hacks
Many stores are closed for Thanksgiving as Black Friday discounts span weeks rather than just days.

What to Do When Inflation Cuts Into Your Black Friday Deals
Inflation will cut into Black Friday deals this year, but there are strategies you can use to soften the blow.

Filed Under: Liz's Blog Tagged With: Black Friday 2021, cash advance apps, deals, hotel pricing, inflation, Marriott, strategies

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